Turkey Bulls Regroup Around Dollar-Debt as Default Risk Ebbs
Bloomberg 2 hrs ago
(Bloomberg)
By certain measures, Turkey looks a lot like Latin America’s worst serial defaulters. But some investors including Fidelity International Ltd. and Vanguard Asset Management Ltd. are finding plenty to like.
Since President Recep Tayyip Erdogan fired his market-friendly central bank governor last month, the cost of insuring Turkish sovereign debt has risen to the highest in emerging markets after Argentina. The lira nosedived and a gauge of one-year default probability jumped to a record on concern about central bank reserves, foreign borrowing needs, and a surge in coronavirus cases that imperils tourist revenue.
Fidelity, Vanguard Buy Turkish Debt as New Central Banker Tested
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Investegate |Legal & General Grp Announcements | Legal & General Grp: L&G Full Year Results 2020 Part 1
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BlackRock, Morgan Stanley Executives Ridicule Reddit Chaos
Bloomberg 1/28/2021 © Bloomberg Philipp Hildebrand
(Bloomberg) Finance industry stalwarts are responding to the market mania triggered by retail traders on Reddit. They’re not impressed.
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BlackRock Inc. Vice Chairman Philipp Hildebrand called the phenomenon irrational “nonsense,” while Morgan Stanley Chief Executive Officer James Gorman said those involved are in for a “rude awakening.”
“It is not surprising when you think about how much liquidity is in the system, how much policy has fueled asset prices in recent weeks and months,” Hildebrand said in a Bloomberg Television interview Thursday. “This looks like pockets of frothiness, some irrationality undoubtedly, some nonsense undoubtedly.”